Nysnø invests in solar platform Otovo

Nysnø, the Norwegian sovereign wealth fund geared toward climate investments, invests in Norway-based solar tech company Otovo, in their series B funding to accelerate European expansion.

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Otovo enables homeowners to get tailor made, instant quotes for solar panels on their roof tops, while hosting a marketplace with hundreds of installer companies who algorithmically bid for the projects generated.

The Otovo team has created a unique technology platform that sells solar panels, facilitates installations and compares cost of dozens of local installers in an instant. Their platform will contribute to an efficient roll-out of residential solar power on a large scale, and the planned European expansion is likely to accelerate the transition to more distributed solar energy and a greener economy, says Eivind Egeland Olsen, Investment Director in Nysnø.

Otovo is a Norwegian distributed energy sales and installation platform with offices in Oslo and Stockholm. Nysnø is among several investors in the company´s €10m funding round to secure expansion to other European countries.

We are very happy to have secured funding for our European expansion by solid investors with a long-term perspective. We believe our system is superior to other ways of selling and installing small renewable energy units. Now it is time to put what we have learned in the tough markets in Norway and Sweden to use in sunnier parts of Europe. Further south, electricity prices are typically higher too, says Andreas Thorsheim, CEO of Otovo.

We believe residential solar energy will be a rapidly growing part of the energy mix going forward. Our investment in Otovo marks the start of what will become a portfolio of long-term investments in technologies and businesses that contribute to reducing greenhouse gas emissions. We believe Otovo is positioned to create positive ripple effects in society and accelerate the green transition with their move further south in Europe, says Siri Kalvig, CEO of Nysnø.

About Nysnø

Nysnø Climate Investments AS was established in December 2017 by the Norwegian Ministry of Trade, Industry and Fisheries. The Norwegian sovereign wealth fund geared toward climate investments is set up as a commercial company that will invest in technologies that reduce greenhouse gas emissions. Its investment mandate is described in the national budget for 2018. Nysnø is based in Stavanger, Norway and has been operational since 2018.

About Otovo

Otovo was founded in 2016 by former executives from the software, consumer retail and renewable energy industries. The technology company has raised €20m to date and has 30 employees. The company is expected to have a market share of 50-60% in Norway and 10% in Sweden in the fourth quarter of 2018.